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transferring balance from CASH DRAWER acct under assets to Director's loan liabilty acct

Lucian1

hello

when i first setup my asset accounts, i used CASH DRAWER acct to pay for company expenses out of personal acct. then i found out i can actually set up a DIRECTOR"s loan liabilty acct. Is it to late to transfer the balance from the cash drawer acct to the director's acct since it's been a couple years? need some help and how to do it.

my concern is how will it affect submitting my t2 return

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Princess_R

Hi @Lucian1

Thank you for your response.

If you do combine or transfer balances from one account to other account this will not affect your balance sheet. If you will not be using the Cash drawer accounts you can combine this to the new account. You may refer to our Help Article, Combining accounts, that has detailed information to assist with this.

Please feel free to post again I'm happy to assist.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,

Princess

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Lucian1

Thanks so much for the response!

So, any suggestions on how to make that entry? Should the cash drawer be "deactivated" or kept at zero balance. What kind of an impact would it have on my balance sheet since all I would be doing is switching the balance from one acct to another?